Imported ferrous scrap prices in India dropped by $5/mt as buyers shied away from trades since Indian currency depreciated further. Semi and finished steel prices declined by Rs500-1000/mt through the week, pressured by weak demand.
The weekly Davis Index for containerised shredded dropped by $4/mt to $301/mt cfr Nhava Sheva on Friday. Early this week, shredded traded at $302-305/mt cfr Nhava Sheva. Prices subsequently dropped to $298-300/mt cfr Nhava Sheva late in the week.
Mills stayed away from booking imported scrap though domestic ferrous scrap supply remained low. They preferred substitutes like sponge iron and pig iron over scrap this week.
The Davis Index for containerised P&S 5ft settled at $303/mt cfr Nhava Sheva, down by $5/mt from the prior week. The Davis Index for Busheling settled at $308/mt cfr Nhava Sheva, down $8/mt from the prior week. The Davis Index for Turning from Europe settled at $266/mt cfr Nhava Sheva, down $6/mt from the earlier week. Containerised trades concluded at $265-266/mt cfr Nhava Sheva.
Participants are waiting for price direction from trades in Turkish markets. Mills in Turkey, however, were away from the market. Market participants expect that prices in the US local markets will fall by $20-30/mt in April. Traders found it difficult to book space on container ships on the India- Europe route.
Indian currency was at INR73.90 against the US$1 from INR72.18 on March 1 making imports costlier. UK and Europe suppliers continued to face a shortage of containers and South African suppliers faced export permit issues stated traders.
Nhava Sheva
The Davis Index for Dubai-origin containerised HMS 1&2 (80:20) dropped by $2/mt to $293/mt cfr Nhava Sheva on Friday. Dubai origin #1 HMS traded at $298-300/mt cfr Nhava Sheva. HMS 1&2 (80:20) from South Africa was offered at $290-295/mt cfr Nhava Sheva, but no trades were reported at those level. Sheared HMS 1&2 (80:20) from the UK and Europe traded at $272/mt cfr Nhava Sheva, down by $3/mt from last Friday.
Goa
A few mills booked West African HMS 1&2 (80:20) at $270-275/mt cfr Goa, unchanged from the prior week, while others placed bids at $260-265/mt cfr Goa.
Chennai
In Chennai trades were limited as many buyers and sellers failed to find a common ground. The Davis Index for US origin HMS 1&2 (80:20) settled at $278/mt cfr Chennai, down $10/mt from the prior week. The Davis Index for UK and EU origin HMS 1&2 (80:20) settled at $278/mt cfr Chennai, down $2/mt from the prior week. The Davis Index for Australia origin HMS 1&2 (80:20) settled at $278/mt cfr Chennai, down $2/mt from the prior week.
($1=Rs73.90)